They the leading indicators have been rising for four successive months and given time, those (six) Fed rate cuts are going to kick in and we'll have better economic activity.
More Quotes from Hugh Johnson:
It's very hard to attribute it to an event or release because there is none. I certainly wouldn't attach any significance to it. The professional money managers aren't doing much. They want to take a clear look at third-quarter earnings.Hugh Johnson
The stock market has become modestly overvalued and investors are using a variety excuses to take money off the table. I wouldn't be surprised if the current, corrective phase continues and the market declines another 5 percent.
Hugh Johnson
You won't know for a couple of weeks. History says they (the Fed) need to cut rates more than one time but I am encouraged.
Hugh Johnson
The market is worried that the Federal Reserve will continue to raise interest rates well into 2006 and possibly make a policy mistake. If you look at housing starts they're very strong. Everyone knows the unemployment rate is low and the Fed is uncomfortable with that.
Hugh Johnson
Speaking of financial markets as a whole --stocks, bonds and the dollar -- 'volatile' is not strong enough a word to describe them.
Hugh Johnson
To some extent everybody is a little exhausted. In the absence of big news we'll see a quieter day. It feels like we were hit by a tidal wave over the past three or four days and today is like the aftermath, picking up the pieces.
Hugh Johnson
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